Seen in an Orlando Sentinel blog:
Prodded by a tough-talking Gov. Charlie Crist, state regulators said Tuesday they have rejected a proposed 7 percent rate reduction by State Farm Insurance Co., saying Florida’s largest private underwriter of homeowners’ policies can do a lot better.[...]
“We have directed them to file an additional 4 or 5 percent rate reduction,” said Insurance Commissioner Kevin McCarty.[...]
Crist suggested the industry may be colluding to keep rates high, promised to subpoena more documents from insurance companies to challenge their rate filings, and said some firms are “gaming” the state.
“I hate to paint the industry with a broad brush, but it’s apparent to me that some of the actors are not acting in the best interest of consumers,” Crist said.
And it’s in the best interest of consumers to have a strategy of crossing one’s figures, hoping that there is no storm, and collecting funds after a storm to make up any revenue shortfalls?